Gambling in the USA

Fraud charges raised against Kizzang founder

Published

4 months ago

February 11, 2019

Fraud charges raised against Kizzang founder

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The Securities Exchange Commission has filed charges against Robert Alexander, the founder of Kizzang LLC, in connection with investment fraud. He had raised around $9 million from around 50 investors for the development and launch of an online gaming platform by misrepresenting a number of facts. He did the false representations and promises to attract investors. It is believed that he guaranteed a minimum return of 10 times their investment.

The SEC claims Alexander used investor funds totalling $1.3 million to finance his daily living, fund his daughters education, buy expensive cars, pay off personal debts and fund his gambling habit.

“As alleged in our complaint, Alexander promoted Kizzang as an opportunity for investors to profit from the early success of a technology start-up,” Carolyn Welshhans, Associate Director in the SEC’s Division of Enforcement, said. “In reality, Alexander brazenly converted investor proceeds for his personal use, sometimes within days of receiving investor funds.”

The SEC has charged Alexander and Kizzang with violating the anti-fraud provision of the Securities Act and Exchange Act, in the complaint filed with the U.S. District Court for the Southern District of New York.

Simultaneously, the U.S. Attorney’s Office for the Southern District of New York has laid criminal charges against Alexander.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Gambling in the USA

Delaware iGaming Revenue Increases in May

Published

18 hours ago

June 17, 2019

Niji Narayan

Delaware iGaming Revenue Increases in May

Photo Source: sputniknews.com

Reading Time: 1 minute

Delaware Lottery has reported an increase in revenue from Delaware’s regulated igaming market ($313,648) for the month of May.

Delaware Park retained top spot in the state’s online gambling market in terms of revenue with $127,932 off $2.96m in wagers for the month. This was down from April revenue of $144,084 and $5.2m in bets.

Dover Downs was the most popular platform for punters in May, processing a total of $8.1m in bets, up from $5.5m in April. Revenue hit $123,044 for the month compared to $75,323 in April.

Harrington Raceway remains some way off the pace after taking $1.0m in online wagers during May, down from $1.2m in the previous month. However, revenue was up month-on-month from $43,775 to $62,672.

During the first five months of the year, operators generated revenue of $1.41m, with consumers spending a total of $54.7m online.

Gambling in the USA

GAN Reports Internet Gambling Growth in New Jersey for May 2019

Published

19 hours ago

June 17, 2019

Niji Narayan

GAN Reports Internet Gambling Growth in New Jersey for May 2019

Photo Source: thriveglobal.com

Reading Time: 1 minute

GAN plc, the US based developer and supplier of Internet gambling software, has reported growth in internet gambling for the month of May 2019 in New Jersey.

The highlights include:

Internet Gaming Win was $38.3 million in May compared to $24.3 million in May 2018, reflecting an year-over-year increase of 57.8%.
Total Internet Sports Wagering Handle was approximately $263.6 million in May, compared to $254.0 million in April and $298.3 million in March.
Internet Sports Wagering Gross Revenue was $13.7 million in May, compared to April’s $16.6 million and March’s $24.3 million.

Internet Sports Wagering Gross Revenues may vary from month to month due to the payouts for future events occurring months after the original wager was made and unredeemed winning wagers from prior months will become deductible upon redemption in future months.

Compliance Updates

NH Lawmakers Pass Sports Betting Bill

Published

19 hours ago

June 17, 2019

Niji Narayan

Photo Source: sunherald.com

Reading Time: 1 minute

The New Hampshire legislature has passed the sports betting bill and heads it to the desk of Republican Gov. Chris Sununu, who has already expressed his support for the bill.

The Senate has made three amendments to the bill. The amendments made it clear that multiple online sports betting operators will be permitted in the space, but will be capped at five. It also capped the retail operators at 10.

The bill creates a subdivision of Sports Wagering within the New Hampshire Lottery Commission, which will act as the regulatory body for the industry.

The bill allows anyone over the age of 18 to wager on professional and collegiate sporting events. Gamblers will not be allowed to wager on New Hampshire colleges or collegiate sporting events in the state. It will not provide the leagues with an integrity fee and does not require operators to use official league data.

It is estimated that the industry will generate $7.5 million in tax revenue for the 2021 fiscal year and $13.5 million two years later.